The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Corporate Boards in OECD Countries: size, composition, functioning and effectiveness
Open accessAbstract
In recent years, the debate about the efficiency of corporate governance mechanisms has focused on the activity of the corporate boards of directors. This paper analyses the effect of the size of the board, its composition and internal functioning on firm value in a sample of 450 non-financial companies from ten countries in Western Europe and North America. The econometric method combines uniequational regression analysis with simultaneous equations in order to control for the possibility of board size and composition endogeneity. The results show a negative relationship between firm value and the size of the board of directors. This relation holds when we control for alternative definitions of firm size and for board composition, the board's internal functioning, country effect and industry effect. We find no significant relationship between the composition of the board and the value of the firm. These results are consistent with previous relevant papers and show that companies with oversized boards of directors have poorer performance both in countries where internal mechanisms of governance dominate and in countries where external mechanisms are predominant.
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Cites
Investor protection and corporate governance
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00065-9 · Cited by 6,848 · cited 1×
“…systems differ in a number of basic characteristics such as regulatory issues, the role played by markets and banks, investor protection or the market for corporate control (La Porta et al. , 2000), there is a common desire that the corporate governance mechanisms be improved whatever the system.”
Cited by
Corporate Governance and Board Composition: diversity and independence of Australian boards
Kang, H., Cheng, M., & Gray, S. J. (2007) · Corporate Governance: An International Review · doi:10.1111/j.1467-8683.2007.00554.x · Cited by 718
Composition and Activity of the Board of Directors: Impact on ESG Performance in the Banking System
Birindelli, G., Dell’Atti, S., Iannuzzi, A. P., & Savioli, M. (2018) · Sustainability · doi:10.3390/su10124699 · Cited by 459
Ownership structure, board of directors and firm performance: evidence from Taiwan
Kao, M.-F., Hodgkinson, L., & Jaafar, A. (2019) · Corporate Governance: The International Journal of Business in Society · doi:10.1108/cg-04-2018-0144 · Cited by 389
Appuhami, R., & Bhuyan, M. (2015) · Managerial Auditing Journal · doi:10.1108/maj-04-2014-1022 · Cited by 100
Intellectual capital and corporate governance: an evaluation of Oman's financial sector companies
Dalwai, T., & Mohammadi, S. S. (2020) · Journal of Intellectual Capital · doi:10.1108/jic-09-2018-0151 · Cited by 87
Metadata
- Authors
- de Andres, P., Azofra, V., & Lopez, F.
- Venue
- Corporate Governance
- Publisher
- Wiley
- Published
- 2005-03
- Volume
- 13
- Issue
- 2
- Pages
- 197-210
- ISSN
- 0964-8410 (ISSN-L)
- 1467-8683
- OpenAlex
- W2149360876
- Cited by
- 655
- References
- 1
- FWCI
- 46.03
- Type
- journal article
- Language
- en
- Open access
- bronze
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- de Andres, P., Azofra, V., & Lopez, F. (2005). Corporate Boards in OECD Countries: size, composition, functioning and effectiveness. Corporate Governance. https://doi.org/10.1111/j.1467-8683.2005.00418.x
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
